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Most cities, at least where I am located in New Jersey, establish bus stops for the State owned carrier, NJ Transit, and any private bus company can stop to pick up/discharge passengers.

In NYC, bus stops are issued by the NYC DOT Bus Stop Management, and a sign is placed at the location listing the bus companies that can pick up/discharge there. The whole process is very political, so some companies get their stops and others do not. Read into that whatever you wish.

My own experience, since bus company clients come to me to get them stops in NYC as part of my bus transportation practice, is that if I ask for 8 stops, I get 4; if I ask for 4, I get 2; if I ask for 2, I get 1. Moreover, I can wait months, or even a couple of years to get approval.

Why get a bus stop? To avoid heavy fines for illegal pick ups. Anyway, the process is not an easy one, but at least I have the experience of dealing with the bureaucrats who approve the issuance of the stops.